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Trade Date: 8/20/2017 Commentary (delayed until 10.20 AM ET)
ZN R1-R4: 126-26-126-29, 127-00-127-02, 127-035-127-05, 127-08-127-12
ZN S1-S4: 126-20-126-225, 126-155-126-18, 126-11-126-12, 126-04-126-08
ZN/ZB Comments: Stks round the globe are lower due to the political chaos in DC and terror attacks in Spain. Mkts do not like uncertainty and turmoil and traders and others sold yesterday and OVN. This has taken TSY’s and gold higher OVN. If the selling in equities continues this AM, TSY’s and gold should get more buying. Little economic news OVN. Today’s news is limited. Today’s news: Consumer Sentiment is expected at 94.0 and Baker Hughes Rig count at ??? (1169/949). The focus will be Consumer Confidence and the direction of the ES, IMO. Resistance is at 126-28/127-00. Support is at 126-16/20. Will play for a trading range mkt this AM. First sell is 126-27/31 followed by 127-03/07. Cover at 126-21 OB. First buy is 126-17/21 followed by 126-09/13. Exit at 126-31 OB.
ZB R1-R4: 156-00-156-04, 156-07-156-10, 156-12-156-16, 156-20-156-24
ZB S1-S4: 155-20-155-24, 155-16-154-18, 155-10-155-12, 154-31-155-06
ES R1-R4: 2433-2437, 2440-2443, 2445-2450, -
ES S1-S4: 2424-2426, 2418-2422, 2410-2415, -
ES Comments: Yesterday’s selling started w/a Tweet that Gary Cohn was resigning from the WH. Then the terror attacks in Barcelona hit the tape and the selling accelerated. Mkts don’t like uncertainty. The daily political attacks from the MSM, Democrats and Republicans are taking a toll. We awakened this AM/an article on the possibility that Trump is or soon will be a lame duck. While Trump has been able to do a lot w/executive orders, his legislative agenda has been put on hold by the Republicans. He needs to get some legislation through to cement his executive orders and deliver on the promises made during the campaign. The establishment has to date successfully stopped Trump. Mkts round the globe sold following the lead of the selling in the US mkts. Little news OVN outside the terror attacks in Spain. Today’s news is limited. Today’s news: Consumer Sentiment is expected at 94.0 and Baker Hughes Rig count at ??? (1169/949). The focus will be Consumer Confidence and whether the mkt finds buyers at 2415/25 this morning. If not, the next stop is 2400. Resistance begins at 2430/35 and support is at 2420/25 as the mkt opens. I believe there is one more sell in the mkt and will play fo\r such. If 2415/20 then holds, I can trade form the long side. First sell is 2429/31 followed by 2434/36. Cover at 2422 OB. First buy is 2420/22 followed by 2415/17. Exit at 2430 OB.
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